The global cancer immunotherapy market is expected to rise from a 2016 valuation of USD 36.8 billion to a valuation of USD 101.6 billion by 2023, according to a new research report from Market Research Future (MRFR). The global cancer immunotherapy market is expected to exhibit a robust 14.8% CAGR over the aforementioned forecast period according to MRFR, due to the growing demand for effective cancer treatment and the growing prevalence of cancer. Growing government support to cancer research is also likely to play a key role in the growth of the cancer immunotherapy market over the forecast period. The report presents a comprehensive outlook of the global cancer immunotherapy market based on the market’s historical trajectory and leading growth drivers and restraints. The major players operating in the global cancer immunotherapy market are also profiled in the report to give readers a clear picture of the market’s competitive landscape.
Cancer immunotherapy is an alternative to the conventional radiotherapy/chemotherapy and works by enhancing the capability of the body’s own immune system to fight cancer cells. Due to the absence of harmful radiation or chemical bombardment, immunotherapy is much safer than the conventional treatments and has thus gained considerable support within the medical community. Also, the human immune system, when enhanced by immunotherapy, can mutate and alter its combat patterns in line with the mutations and alterations of the cancer cells, allowing it to keep track of the changing forms of cancer and eradicate the disease completely. The capacity of the human immune system to “remember” infections also provides a defensive mechanism for recurring cancer, which is also a major benefit. Growing awareness about the higher safety of immunotherapy and the ability for comprehensive protection through it is likely to drive the cancer immunotherapy market over the forecast period.
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The growing prevalence of cancer is also likely to be a major driver for the global cancer immunotherapy market. The prevalence of lung, breast, prostate, liver, colorectal, and stomach cancer has grown rapidly in the last few decades, driven by lifestyle factor such as the increasing adoption of unhealthy lifestyles and the growing popularity of smoking. According to the CDC, around 1.5 million new cases of cancer are registered in the U.S. every year, along with half a million deaths. This is likely to drive government investment in the cancer research sector, driving up the potential of the cancer immunotherapy market over the forecast period.
Cancer Immunotherapy Market Competitive Analysis:
Leading players in the global cancer immunotherapy market include F. Hoffman-La Roche AG, Novartis International AG, Amgen Inc., Eli Lilly and Company, Seattle Genetics Inc., Spectrum Pharmaceuticals Inc., Celgene Corporation, Bristol-Myers Squibb, GSK, and Merck & Co. Inc.
In March 2019, Cancer Research UK, Ono Pharmaceutical Co., and LifeArc announced a collaboration to drive drug discovery for cancer immunotherapy. Such alliances are likely to become common in the coming years due to the greater scope for product development through collaboration between multiple teams.
Cancer Immunotherapy Market Segmentation:
The global cancer immunotherapy market is segmented on the basis of therapy type, application, end user, and region.
On the basis of type, the global cancer immunotherapy market is segmented into monoclonal antibodies, adoptive cell transfer, cytokines, treatment vaccines, bacillus calmette-guérin, and others. The monoclonal antibodies segment is further sub-segmented into naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies. Monoclonal antibodies held a dominant share of 37% in the global cancer immunotherapy market in 2016 and are likely to remain the major revenue generator over the forecast period.
On the basis of application, the cancer immunotherapy market is segmented into liver cancer, childhood cancer, colorectal cancer, stomach cancer, lung cancer, and others.
On the basis of end user, the market is segmented into hospitals, clinics, and others.
Cancer Immunotherapy Market Regional Analysis:
North America and Europe are likely to dominate the global cancer immunotherapy market in the near future thanks to the strong development of cancer research facilities in the region and strong government support for cancer research. However, Asia Pacific is likely to exhibit rapid growth over the forecast period due to the growing support for private as well as governmental healthcare agencies and the growing prevalence of cancer in the region.
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